{"id":195295,"date":"2023-10-27T05:39:03","date_gmt":"2023-10-27T05:39:03","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195295"},"modified":"2023-10-27T05:39:03","modified_gmt":"2023-10-27T05:39:03","slug":"is-bitcoin-overheated-some-believe-the-answer-is-hiding-in-pepe","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/is-bitcoin-overheated-some-believe-the-answer-is-hiding-in-pepe\/","title":{"rendered":"Is Bitcoin overheated? Some believe the answer is hiding in PEPE"},"content":{"rendered":"

Could Bitcoin (BTC) be headed for an imminent pullback? Some crypto market observers believe the answer could be hiding within the price action of a frog-themed memecoin.<\/p>\n

In an Oct. 27 post on X (formerly Twitter), Onchain Capital co-founder and Crypto Banter host Ran Neuner suggested that memecoin Pepe (PEPE) is a strong indicator of overblown crypto market fever. <\/p>\n

\u201cIf you want to know when a pull back is coming, just watch $PEPE. It\u2019s literally an index for when the market is getting overheated,\u201d said Neuner. <\/p>\n

\u201cWhen people are confident enough to go there and it pumps, that\u2019s your sign to exit. Works every time.\u201d<\/p><\/blockquote>\n

Pepe recently witnessed a more than 100% gain, growing from $0.00000064 on Oct. 20 to a peak of 0.00000134 on Oct. 27. Around the same time Pepe reached its peak, Bitcoin had already begun sliding downward from a just-attained year high.\u00a0<\/p>\n

Neuner\u2019s theory has been shared by other crypto traders in the past. On Sept. 23, trader AlexRTB told his 60,000 followers that he had begun using Pepe as a reliable metric for impending short-term declines. <\/p>\n

However, the theory also attracts a fair share of skeptics, while the data hasn\u2019t always supported the theory.<\/p>\n

Dubai-based trader Reetika told Cointelegraph that Pepe\u2019s recent uptick was largely driven by bullish news regarding changes in the team and the fact that it would be burning additional tokens, and wasn\u2019t necessarily a sign of broader overconfidence in the market. <\/p>\n

As comparative data from TradingView shows, the price of Pepe is often tightly correlated with that of Bitcoin, which could make it challenging to use the memecoin as an indicator. <\/p>\n

<\/p>\n

Reetika, meanwhile, suggested looking at Solana (SOL) as a potentially more reliable predictor. <\/p>\n

\u201cSOL has been a very good leading indicator for the moves so far. It has broken out of resistances at least a day before BTC\/ETH over this entire move. I’ve been using it actionably for estimating upside,\u201d she said. <\/p>\n

Reetika however clarified that the SOL isn\u2019t a perfect indicator either, but had performed well on the most recent move.<\/p>\n

Similarly, market commentator and avid crypto shitposter Poordart, told Cointelegraph that Pepe probably isn\u2019t the best metric from which to gauge the future price action of majors like Bitcoin. <\/p>\n

In Poordarts\u2019 view, Pepe is still far too new to the market to have any \u201creal lasting value\u201d as a reliable metric to gauge the price movements of Bitcoin with any significant accuracy. <\/p>\n

Magazine: <\/em><\/strong>Beyond crypto \u2014 Zero-knowledge proofs show potential from voting to finance<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Could Bitcoin (BTC) be headed for an imminent pullback? Some crypto market observers believe the…<\/p>\n","protected":false},"author":4,"featured_media":195294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nIs Bitcoin overheated? Some believe the answer is hiding in PEPE - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/is-bitcoin-overheated-some-believe-the-answer-is-hiding-in-pepe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Bitcoin overheated? Some believe the answer is hiding in PEPE - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"Could Bitcoin (BTC) be headed for an imminent pullback? 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